Cary Street Partners Asset Management LLC Cuts Stock Holdings in Trane Technologies plc (NYSE:TT)

Cary Street Partners Asset Management LLC decreased its holdings in Trane Technologies plc (NYSE:TT) by 14.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,275 shares of the company’s stock after selling 213 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Trane Technologies were worth $496,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. World Equity Group Inc. purchased a new position in Trane Technologies during the 3rd quarter worth $230,000. TKG Advisors LLC increased its stake in Trane Technologies by 3.7% during the 3rd quarter. TKG Advisors LLC now owns 13,018 shares of the company’s stock valued at $5,060,000 after purchasing an additional 464 shares in the last quarter. QRG Capital Management Inc. raised its stake in Trane Technologies by 10.0% in the 3rd quarter. QRG Capital Management Inc. now owns 43,406 shares of the company’s stock worth $16,873,000 after acquiring an additional 3,931 shares during the last quarter. National Pension Service lifted its position in Trane Technologies by 12.4% during the 3rd quarter. National Pension Service now owns 598,134 shares of the company’s stock worth $232,513,000 after acquiring an additional 66,167 shares during the period. Finally, Old North State Wealth Management LLC grew its stake in Trane Technologies by 15.1% during the 3rd quarter. Old North State Wealth Management LLC now owns 1,111 shares of the company’s stock valued at $433,000 after purchasing an additional 146 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Trane Technologies Price Performance

Shares of TT opened at $390.29 on Wednesday. The company has a market cap of $87.82 billion, a P/E ratio of 36.21, a PEG ratio of 2.38 and a beta of 1.02. Trane Technologies plc has a fifty-two week low of $214.35 and a fifty-two week high of $406.96. The company has a quick ratio of 0.92, a current ratio of 1.22 and a debt-to-equity ratio of 0.57. The firm’s 50 day moving average price is $379.11 and its 200 day moving average price is $347.42.

Trane Technologies (NYSE:TT) last issued its earnings results on Wednesday, October 30th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $3.23 by $0.14. Trane Technologies had a net margin of 12.73% and a return on equity of 34.62%. The firm had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter last year, the company earned $2.79 earnings per share. The firm’s revenue was up 10.0% compared to the same quarter last year. On average, research analysts forecast that Trane Technologies plc will post 11.13 earnings per share for the current fiscal year.

Trane Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 6th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Friday, December 6th. Trane Technologies’s dividend payout ratio (DPR) is presently 31.17%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Robert W. Baird decreased their target price on Trane Technologies from $408.00 to $404.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Barclays increased their price objective on shares of Trane Technologies from $425.00 to $440.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price target on shares of Trane Technologies from $364.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Royal Bank of Canada increased their price target on Trane Technologies from $334.00 to $350.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 1st. Finally, Mizuho upped their target price on Trane Technologies from $325.00 to $400.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $380.15.

Trane Technologies Company Profile

Trane Technologies plc, together with its subsidiaries, designs, manufactures, sells, and services of solutions for heating, ventilation, air conditioning, custom, and custom and transport refrigeration in Ireland and internationally. It offers air conditioners, exchangers, and handlers; airside and terminal devices; air sourced heat pumps, auxiliary power units; chillers; coils and condensers; gensets; dehumidifiers; ductless; furnaces; home automation products; humidifiers; indoor air quality assessments and related products; large and light commercial unitary products; refrigerant reclamation products; thermostats/controls; transport heater products; variable refrigerant flow products; and water source heat pumps.